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Positive Pay is an automated fraud prevention service available for Marion County Bank business account customers. The service provides early detection of fraudulent, altered, or counterfeit checks through a daily verification of checks presented for payment.
To protect your business against fraud, Positive Pay matches specific check data such as check number, check amount, account number and payee against a list provided by the business. Any checks that are clearing that don’t match with the check data are reviewed by the business in the Online Banking Cash Management platform. The business account customer makes a determination regarding the check for clearing or directs the bank to return the suspicious item.
Positive Pay Service: $15/mo
Benefits | Detail |
|---|---|
Fraud Prevention
| Positive Pay is a powerful tool specially designed to help combat check fraud and forgery. |
Complete Control
| You have the final call with Positive Pay. Easily monitor and make decisions about exception items and upload check information. |
Save Time and Money
| Dealing with fraud can be time consuming and financially impactful. Using our check fraud prevention service will help mitigate the risks to your business. |
What is Positive Pay?
The Positive Pay system provides fraud control for commercial customers’ accounts. It verifies the checks that are presented and paid with the checks that have been issued.
What is the fee for using the Positive Pay service?
The monthly fee for Positive Pay is $15 per account.
What kind of account do I need to have to utilize Positive Pay?
The Premium Business Interest account enables the functionality of Positive Pay. We can work with you to change the account type and you would not have any change to your account number.
What information is the Positive Pay system checking for?
The Positive Pay system is checking the date, amount, check number, and payee.
What is the cut off time to upload a Positive Pay file?
Commercial Business accounts using this product would upload the Positive Pay file in the Cash Management platform by 3 pm.
What is the cut off time to approve or deny Positive Pay Exceptions?
The cut off time to approve or return flagged exceptions in the Cash Management platform is 10 am.
What does our business do if we miss the cutoff time?
All exceptions need to be addressed by 10 am. If this time frame is missed, mark the item as a Return in the Internet Baking platform and call the Operations Team at Marion County Bank. They will do their best to complete the return but based on timing constraints within the banking system, this may be considered a late return and is not guaranteed.
What is the Positive Pay file format that needs to be uploaded within the Cash Management platform?
A CSV File is the file type that will be uploaded.
How do I add another user to Positive Pay in the Cash Management platform?
Contact Shannon Long or Morgan McQueen at Marion County Bank.
What is the process if the amount of a check cleared an account for the incorrect amount but all other information on the check is correct?
If a check is flagged as an exception for an incorrect amount, accept the exception in the Internet Banking platform and contact the Operations Team at Marion County Bank. The Operations Team will process a check amount correction instead of returning the item.
